Message #16 From:
NewsBot Date: March 20, 2007 07:10:00 AM
SQUM News Sequiam Corporation Declares Default on CyberKey Contract
ORLANDO, Fla.--(BUSINESS WIRE)--On November 29, 2006, Sequiam Corporation (OTCBB:SQUM), a leading provider of innovative consumer lifestyle biometric technologies and services, announced that it had received from CyberKey Solutions, Inc. a $2,250,000 order for OEM Sequiam BioVaults labeled as the CyberKey ‘KeepSafe’ in accordance with the terms of a manufacturing and distribution agreement signed between the two companies. A deposit of 10% on the first 10,000 units was required and received by Sequiam to insure CyberKey’s commitment to accept BioVault production on schedule. According to Sequiam Corporation, the BioVault shipment arrived in January, 2007 and an invoice that was provided went unpaid. As a result, CyberKey’s deposit was forfeit and Sequiam has declared a default on the purchase order and the manufacturing and distribution agreement. Additionally, Sequiam is pursuing collections from CyberKey related to the contract, purchase orders and the invoice. Existing KeepSafe inventory will be sold by Sequiam.
About Sequiam
Headquartered in Orlando, Florida, Sequiam Corporation develops, markets, and supports a portfolio of highly robust proprietary biometrically enabled consumer lifestyle and commercial products and OEM solutions. In addition, Sequiam has invested heavily in research and development to develop unique products and solutions for the biometric industry worldwide. Sequiam Biometrics' solutions incorporate low-cost, high-volume manufacturing processes targeted at the consumer and commercial market. Sequiam is a global company with offices in Taiwan, China, and South Africa. For more information, please visit www.sequiam.com and www.sequiambiometrics.com.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions. Additional factors can be found in our annual report on form 10-KSB for the fiscal year ended December 31, 2005, and our other filings with the SEC which are available at the SEC’s Internet site (www.sec.gov). Forward-looking statements in this press release speak only as of the date of this press release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ.
